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The BBC Trust has been an “indefensible failure” and should be scrapped, according to a City grandee.

Sir Howard Davies, the former head of the Financial Services Authority and the London School of Economics, compared the BBC’s governance to that of the hapless banks that failed during the financial crisis and said that a lack of accountability had made recent scandals worse.

Weak boards, unclear responsibilities and overpaid chief executives were a feature of the banking crash, and “these points sound horribly familiar when applied to the BBC”, he said.

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